Canadians will soon be able to park Ethereum ETF's in their registered investment accounts! More good news for the crypto space.
Not one but three new Ethereum ETF's have been approved for launch here in Canada by three different investment firms, two of whom had previously just launched Bitcoin ETF's (Purpose/Evolve).
Three Canadian companies launch Ethereum ETF's this week:
The Ethereum ETF's are supposed to be available to be traded on the Toronto Stock Exchange starting tomorrow, Tuesday, April 20th.
Still no word yet on the now 8 different ETF's applications the SEC has on file. Similar to my thought on Canada's Bitcoin ETF's, this surly must put a little pressure on the SEC to at least think about moving forward with some of their applications.
"But the Bitcoin and Ethereum market can be manipulated!"
Right and other already regulated securities can't possibly be manipulated? Obviously they can, and sometimes the SEC even provides warnings.
My question would be, is the SEC really stalling on Bitcoin ETF's to protect consumers from manipulation, or is that a front?
I would say if the SEC doesn't start approving it's first crypto ETF's in Q2 or by Q3 latest then the fix is really in.
That said I guess it's somewhat reasonable to wait until there's some regulation in place, if they were going to go that route, which I think they will. Once that's in place they shouldn't have much else to hold them back I would think.
I'm going to want to assume that the Canadians that buy Bitcoin and Ethereum ETF's understand the volatility, but surly many might not understand exactly what they're getting into and the larger macro market cycles of crypto.
DCA is the way!
I'm going to really go out on a limb here and suggest a DCA strategy would be a good move to pickup these ETF's over the longer term.
Buying in large right now, well I think we're too close to the top to warrant it. That said I do think there's still room for growth but I'm also of the opinion that we're shifting into Alt Season and it might be more beneficial to take positions in alts in the NFT and DeFi spaces to help maximize profits over the next 6 months.
All in all I'm pretty happy that my fellow Canadians can now park Bitcoin and Ethereum ETF's into their Tax Free Investment accounts, how awesome is that! With a sound DCA strategy early investors can position themselves to create wealth and abundance, and hopefully a comfortable early retirement.
Ciao for now,
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